Sept. 12, 2019 Bhang Inks Deal with Cannavative Group to Manufacture and Distribute Award-Winning THC-Infused Chocolates in Nevada
MIAMI, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Bhang Inc. (“Bhang” or the “Company”) (CSE: BHNG) (OTCQX: BHNGF), a global cannabis house of brands with an extensive, award-winning portfolio of products, announced today that it has signed a licensing agreement with Cannavative Group to make and distribute Bhang’s award-winning THC-infused chocolates through Cannavative’s extensive dispensary channels in Nevada.
Nevada has one of the most robust cannabis markets in the country. According to the state’s Department of Taxation, the combined adult-use and medical cannabis market saw $580 million in sales during 2018, the first full year of legal recreational sales.
“As Bhang continues to extend our footprint wherever legal cannabis, hemp-derived CBD and terpene products are sold, we will continue to partner with only the best companies that share Bhang’s values,” Scott Van Rixel, Bhang Chairman & CEO. “We are excited to be working with such a like-minded company as Cannavative whose commitment to producing only the highest-quality, consistent products for consumers sets an industry standard.”
The five-year agreement with Cannavative is automatically renewable and provides the company use of Bhang’s intellectual property including its consumable ingredients and packaging supplies for which Cannavative will pay a percentage of its gross sales. According to the agreement, Cannavative will also strictly adhere to Bhang’s formulations and uphold the award-winning quality standards Bhang has developed during nearly a decade in business. Bhang’s products are expected to hit Nevada shelves in the fourth quarter this year.
Jason Crum, Chief Revenue Officer of Cannavative, said about the deal, “We’re thrilled to be partnering with Bhang who we see as a leader in the industry. They’re battle tested and bring a ton of experience to Nevada. We are rounding out our product offering by finding a perfect complement to Cannavative’s vision with such an innovative product. It satisfies a key gap in our product offering and having an 8-time award-winning edible product fill that void is very exciting. We’re excited to leverage off Bhang’s strengths and we see this as a huge win for us.”
The deal with Cannavative, a Reno-based business that distributes to more than 65 dispensaries throughout Nevada and more than 50 in Las Vegas, comes at a moment of global expansion for Bhang. As the Company continues to evolve from an established, trusted regional cannabis brand to a global player in burgeoning cannabis markets around the world—Bhang recently began leveraging its first-mover status in Europe, signing distribution agreements with key CBD distributors on the continent—Bhang remains focused on its “quality first” ethos by providing customers only the best, most enjoyable products available anywhere.
Founded in 2010, Bhang has continued to build on its award-winning edibles product line and today has an expansive portfolio of over 100 cannabis, hemp-derived cannabidiol (CBD) and terpene products (which are sold through its licensees and/or by Bhang directly). Bhang’s portfolio of cannabis, hemp-derived CBD and terpene products also include over 25 CBD products that are available in stores in states where CBD products are legally sold and through www.bhangcbd.com.
Bhang is committed to delivering exceptional sensory experiences to consumers at every point in their cannabis journey through its award-winning portfolio of brands. Bhang is a trusted global cannabis house of brands with an extensive portfolio of over 100 cannabis, hemp-derived CBD and terpene products, including chocolates, pre-rolls, vapes, gums, beverages, gummies and mouth sprays, among others. Since 2010, Bhang has mastered the art of harnessing mutually-beneficial partnerships to bring safe, consistent and delicious products to the world. Learn more at www.bhangnation.com. https://www.otcmarkets.com/stock/BHNGF/news/Bhang-Inks-Deal-with-Cannavative-Group-to-Manufacture-and-Distribute-Award-Winning-THC-Infused-Chocolates-in-Nevada?id=240120